Nanaimo real estate statistics- February 2012
Here is a review of real estate in Nanaimo for the month of February, 2012. Let’s have a look at some Nanaimo real estate statistics for last month.
The Cumulative Residential Average Single Family Sale Price is down by 4% over February 2011. The average sale price was $349,668 in February 2012 compared to $363,400 in February 2011.
The following are the single family market changes for February 2012 compared with February 2011
- There were 209 units listed this February compared to 223 units in February 2011.
- The identical number of units were sold this February as did in February 2011
- The average sale price per unit for February 2012 was 4% lower thanFebruary 2011
- The average days to sell inFebruary 2012 were 58 days compared withFebruary 2011 which was 68 days.
- The average unit sold in February 2012 received 96% of asking price. In February 2011 the average unit sold for 95% of asking price
- The sell/list ratio ( how many listed homes actually sold) was 46% in February 2012 versus February 2011 which was 43%
Even though there were fewer sales in single family homes in February 2012 the average selling price was 4% higher than last year.
I am finding the numbers to be encouraging. WE seem to have reached balanced market over the past month. Please see current absorption rates.
A real estate market is generally considered a balanced market when there is 5-6 months of inventory on the market . Based on my calculations this morning, the Nanaimo real estate market absorption rate is currently 21.76 weeks.
What does a balanced market mean to buyers and sellers?
A balanced market is just that – a great time to buy and to sell!
Advice to buyer’s – If you find the right house act quickly. This is not the time to wait. We have been experiencing multiple offer scenarios more often these days.
Advice to seller’s- If you list your home at fair market value and take all the necessary steps to prepare your home to sell it will sell. It is just a matter of time.
For additional information regarding the Nanaimo Real Estate Market please contact me.